..as it holds talks on tie-up with broker Execution
STOCKBROKER Execution is in talks with Lloyds Banking Group about a deal which could create a joint venture between the two parties, it emerged last night.
Meetings between Lloyds, which already holds a small stake in the broker, and Execution, are at an early stage, but executives at the latter group were in discussion last night over whether to put out a statement on the talks.
Lloyds bought a near 10 per cent holding in Execution for £10m in 2007.
It is not the first time the two have been in dialogue on a development of their relationship, and such a move would make sense since Lloyds harbours ambitions to move into the broking market, seeking to cash in on rights issues fees and an expected tidal wave of IPOs next year.